Farsons’ share price approaches the €2.00 level

  • The share price of Simonds Farsons Cisk plc advanced by 2.3% during this morning’s trading session to close at €1.995 on a single trade of 1,180 shares. Few other shares remain on offer at this level with a further 1,500 shares at €2.00. The equity of Farsons has gained 12.7% since the publication of the January 2012 full-year results published on 25 April. The Group announced an increase of 26.1% in profit after tax to a record €4.7 million (2011: €3.7 million) and the Board of Directors proposed a record final net dividend of €0.0567 per share payable on 21 June. In a media interview published today, CEO Mr Norman Aquilina explained the consistent growth being registered in exports of the Group’s products, particularly of CISK and Kinnie. Mr Aquilina noted that on the one hand, Farsons aims to continue growing in the local market and seek additional brand representation opportunities while on the other hand, the Group aims to focus more specifically on the export market.
  • The only other positive performer of the day was GO plc with a minimal increase to €0.90. The gains registered in Farsons and GO helped the MSE Share Index remain above the 3,000-points level.  During the month of May, the local equity benchmark advanced by 2% led by the significant upturn in Crimsonwing plc (+87.5%) coupled with positive performances also from GO plc (+20%), International Hotel Investments plc (+9.8%) and Simonds Farsons Cisk plc (+9%).
  • In the banking sector, only two equities were active with Bank of Valletta plc maintaining the €2.08 level on subdued volumes of 4,830 shares and FIMBank plc also closing unchanged at USD0.85 level on activity of 16,724 shares.
  • Meanwhile, the share price of RS2 Software plc shed 1.9% to €0.51 on volumes of 29,000 shares. The company is scheduled to hold its Annual General Meeting on 12 June during which shareholders will be asked to approve a number of resolutions including the 1 for 15 bonus share issue and an increase in the authorised share capital of the company.
  • On the local bond market, the Rizzo Farrugia MGS index continued to rise closing at 989.953 points as the Central Bank of Malta adjusted the bid prices upwards reflecting the continued downturn in Eurozone 10-year yields to fresh lows of 1.233% as investors continued to seek safer investments in the light of the ongoing European debt crisis.